Deputy attorney general Rod Rosenstein said: “The President’s order directs the Task Force to invite participation from our law enforcement partners at many departments and agencies. By working together, we can achieve more effective and efficient outcomes.

“Drawing on our pooled resources, including subject-matter expertise, data repositories, and analysts and investigators, we can identify and stop fraud on a wider scale than any one agency acting alone.”

The task force will be headed by Rosenstein as chairman and associate attorney general as vice chairman.

In carrying out its objectives, the new entity will work alongside various agencies including the Bureau of Consumer Financial Protection, Federal Trade Commission, Securities and Exchange Commission (SEC), National Credit Union Administration, Commodity Futures Trading Commission, board of directors of the Federal Deposit Insurance, and Office of the Comptroller of the Currency.

SEC chairman Clayton said: “At the SEC we work every day to protect Main Street investors. This Task Force will allow us to build on the close partnerships we have with our fellow regulators and law enforcement agencies to deter and combat retail fraud.”